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McDonnell Speaks on Automated Trading Panel Mary M. McDonnell, President and Chief Executive Officer of Geneva Trading, USA, LLC spoke about the impact of algorithmic trading at the Automated Trading: Enabling the Traders panel in Chicago. Hosted by FOW Magazine and sponsored by BT Radianz, CBOE Futures Exchange, Fortis Clearing and Patsystems, Ms. McDonnell represented end-users on the panel along with Robert Pardo, President of Pardo Capital Management. The seminar and panel debate focused on what intermediaries and service providers can offer the community in this growing method of trading. McDonnell said there are concerns that the amount of quoting traffic and cancel/replace orders sent from algorithmic or "black box" trading systems are not providing a true pricing picture of various markets. "The problem is that hundreds and thousands of transactions are coming in and out," Ms. McDonnell said, whose comments appeared in FOW Magazine, January 2006. "If you looked at what the actual traded percentage was compared with the number of transactions placed in the marketplace, it has to be about one thousandth of a percent. That skews the market for the traditional investor who is looking at it." A 25-year veteran of the futures industry and one of the foremost experts on exchange operations, Ms. McDonnell is a frequent participant on industry panels and seminars. Prior to joining Geneva in April 200, she served as Senior Vice President at the Chicago Board of Trade (CBOT), responsible for all electronic trading.
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